As of November 1, the Ethereum blockchain has already burned 710,000 ETH.
Thus, given the rise of ETH to $4,300, the value of the burned tokens exceeds $3 billion.
The token burn mechanism was launched in August 2021. After activating EIP 1559, part of the transaction fees are sent to inactive addresses.
Although the London upgrade was received with criticism, EIP 1559 made transaction fees on the Ethereum blockchain more predictable and miners' revenues increased.
Last week marked the first time in network history that more ETH was burned than issued.
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Based on materialsu.today
